UPDATE:  It's official, Billy King will run basketball operations for the Nets.

Nets owner Mikhail Prokhorov seemed like a swift guy when he took out this ad right across the street from the rival Knicks' offices.

Now, we'ere not so sure of that assessment of the Russian billionaire.

Chris Mannix of Sports Illustrated (@ChrisMannixSi) is reporting that the Nets are close to hiring Billy King as their general manager.  [Related] Marginal players all over the league jump for joy.

Considering current Sixers GM Ed Stefanski used to hold that position, and neither the Sixers or the Nets have been relevant for the better part of five years, this appears to be turning into one big circle jerk of ineptitude.

Wrong move, Prokhorov.